Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply
Chains
Holders on Celo
CHFm is a CHF stablecoin minted by the Mento protocol's smart contracts, with no central issuer, launched on 6 Jun 2025.
CHFm is the Swiss franc stablecoin of the Mento protocol, deployed on Celo. Mento describes it as offering onchain access to the Swiss franc and positions it for secure payments and onchain FX trading.
The token reached its current name through a rebrand. On 17 December 2025 Mento announced that all of its stablecoins were moving from a cXXX to an XXXm naming standard, so Celo Swiss Franc (cCHF) became Mento Swiss Franc (CHFm). The change was a naming update only, with no contract change and no change of peg.
The CeloScan record supports that history. The address is labelled Mento Labs cCHF Token and the contract is a proxy, StableTokenCHFProxy, while the token tracker shows the name Mento Swiss Franc (CHFm). The launch date this map records is 6 June 2025.
Sources: Mento, Stablecoins (CHFm), Mento blog, The Evolution of Mento, CeloScan, cCHF token contract
52.1K CHFm in circulation, all on Celo.
Source: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across CHFm’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
52.1K CHFm
All supply on Celo
Celo52.1K CHFm · 100.0%Supply growth
Counted on Celo. Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Celo less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
Source: Blockscout.
255holders on Celo
Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Celo less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
How far CHFm trades from its CHF peg, from DIA's daily price reads.
Figures are in basis points: 100 bps = 1%.
Peg volatility is how much CHFm's price swings around 1 CHF from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at 0.998 CHF scores near zero. Largest deviation is the single day in the last 12 months furthest from 1 CHF, signed.
The ranking counts every active CHF stablecoin with at least two daily prices in the last 90 days.
Prices are daily closes at 00:00 UTC, from DeFiLlama with CoinGecko where DeFiLlama has no price. The chart beside this panel plots those same daily closes, so every figure in the table can be found on a line here. DeFiLlama quoted rounded and filled prices until 30 September 2025, so for USDT and USDC the closes before 1 October 2025 are the median of exchange closes instead, and a filled US$1.0000 close is left out of the typical move and the largest move.
Stablecoins whose value rises by design, such as savings wrappers, are left out. Their price is a yield curve, not a peg.
Only USD stablecoins are compared. Other currencies are priced through a daily exchange rate fixed at a different time of day from the stablecoin's close. That gap shows up as the same false depeg on every stablecoin of the currency at once.
For a CHF stablecoin, the largest deviation leaves out days when most other CHF stablecoins closed the same distance from par on the same side: that move is the exchange rate, not CHFm. A move CHFm makes alone, or a discount it holds while the others stay at par, is kept.
Leaves out 39 days when most other CHF stablecoins moved the same way. The CHF exchange rate is taken at a different time from the close, so a move shared by the whole currency is timing, not a depeg. The chart still shows those days.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 CHFm | No price today | +117 bps (+1.17%) |
CHFm's peg rests on its CDP, which Mento runs as an independent instance per FX currency, each with its own FX price feed.
CDP actions are gated by FX market hours. Mento's documentation says price dependent operations such as opening or adjusting a trove are only available while the FX market is considered open, and are blocked on weekends and on some holidays.
Sources: Mento docs: CDPs
Where CHFm is supplied in DeFi lending markets and what it earns there.
Mento lists Valora, Squid Router and OpenOcean as venues for CHFm, with yield options on Uniswap and Merkl. Its product page names secure payments and FX trading as the intended uses.
The CDP opens a lending use case. Borrowers can hold CHFm as a Swiss franc denominated asset while it is minted against USDm collateral, and the stability pool accepts CHFm deposits. Mento's documentation describes the stability pool as used in liquidations.
Mento presents its stablecoins as a basis for cross-border payments and local payments, with the broader protocol described as onchain FX.
Sources: Mento stablecoins page, Mento docs: CDPs, Mento docs: Getting Mento Stables
CHFm has no collateral, or is backed mainly by its issuing protocol's own token.
CHFm is not backed by fiat reserves. Under Mento V3 it is a CDP-backed stable: a user deposits USDm as collateral and borrows CHFm in a collateralised debt position, following the design of a licensed fork of Liquity v2.
Because the collateral is USDm, a CHFm holder's backing runs through to the dollar. On 2 October 2026 the reserve dashboard recorded a CHFm CDP on Celo holding $119,575 in USDm collateral against 51,968 CHFm of debt, a collateral ratio of 1.91.
Mento's documentation distinguishes two backing models in V3. Only USDm and EURm are documented as Reserve-backed with fiat-backed collateral. The reserve documentation describes the remaining Mento stables as synthetic and backed by CDPs until suitable fiat-backed counterparts are integrated, and the reserve dashboard lists CHFm among its three CDP markets.
Sources: Mento docs: The Reserve, Mento docs: CDPs, Mento Reserve dashboard, Mento blog: Mento V3 is here (4 March 2026)
Celo0xb55a79f3…87ee131dmint(address,uint256)eip1967-transparentRead from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
Contract can mint · upgrade (proxy)
Reserves are published as a continuous proof-of-reserves feed.
CHFm is a decentralised, on-chain asset and Mento does not claim a regulatory licence for it. The protocol is governed by MENTO token holders, and Mento's documentation says reserve composition and system parameters are set by governance.
Mento's V3 is anchored on Celo as the control plane for issuance and risk management. Its stablecoins are described as assets that aim to track a fiat currency, and its documentation lists risk considerations rather than authorisation.
Mento published independent reviews of V3, including a Spearbit and Cantina audit competition and ChainSecurity audits of the core and of the Liquity v2 fork.
Sources: Mento docs: The Reserve, Mento docs: Governance & MENTO, Mento blog: Mento V3 is here (4 March 2026), Mento docs: Getting Mento Stables, Mento docs: CDPs, Mento docs: Audit Reports
Reserve attestation cadence
A continuously-updating reserve feed rather than a periodic report.
Not applicable (no central issuer)recorded for the protocol; no central issuer
The clearest risk is that CHFm's value rests on crypto collateral rather than a fiat reserve. If USDm, the collateral asset, loses value, every CHFm trove loses collateral at once, a correlated failure that Mento's documentation names explicitly.
Borrowers and stability pool depositors carry foreign exchange risk, because CHFm is pegged to the franc, which floats against the dollar. Mento documents that troves can become undercollateralised from either FX movement or a USDm depeg, and that stability pool depositors may incur losses on liquidation.
The market is small. On 2 October 2026 the reserve dashboard recorded 51,968 CHFm of CDP debt on Celo. Thin liquidity can widen the gap between the CDP's oracle price and what a seller actually receives.
Sources: Mento docs: CDPs, Mento Reserve dashboard
CHFm is the Swiss franc stablecoin of the Mento protocol, deployed on Celo. It was renamed from cCHF in December 2025 as part of Mento's move to a multichain naming standard, with the same contract address. Mento describes it as designed for secure payments and FX trading.
CHFm is a CDP-backed stable. Users lock USDm as collateral and borrow CHFm in a Liquity v2 style collateralised debt position, so it is overcollateralized in USDm rather than backed by fiat reserves. On 2 October 2026 the Mento reserve dashboard recorded a CHFm CDP on Celo with a collateral ratio of 1.91.
CHFm runs on Celo at the address 0xb55a79F398E759E43C95b979163f30eC87Ee131D. CeloScan labels that address Mento Labs cCHF Token and its token tracker shows Mento Swiss Franc (CHFm), evidence that the contract carried the old ticker before the rename.
Source: DIA onchain reads Updated
Source: DIA rebuild from onchain transfer history (to 11 Aug 2026), Block explorer holder counts (from 12 Aug 2026), Celo Updated
Daily close against the CHF peg, in basis points. Drag the handles under the chart to zoom; a range button resets it.
The dotted vertical lines mark market stress events: days the whole market, or a stablecoin others hold as collateral, came under stress. Seeing every stablecoin on the same shock shows how each peg held. Only events with a published source are marked. Each entry under the chart shows every stablecoin's worst daily close within 3 days of the event.
Crypto sold off with global markets as Covid spread, ETH lost close to half its price, and a congested Ethereum let bidders win MakerDAO collateral auctions for zero DAI.
Bitcoin fell as much as 30% to about $30,000 after Chinese industry bodies warned banks off crypto, and more than $8 billion of positions were liquidated.
Terra's algorithmic stablecoin UST fell to about $0.65 as LUNA slid, the start of a run that wiped out both within days.
Tether's USDT fell to about 95 cents on some exchanges as UST collapsed, and recovered after Tether processed more than $3 billion of redemptions.
Crypto lender Celsius paused withdrawals citing extreme market conditions, as the discount of stETH to ETH reached a record 8%.
FTX halted customer withdrawals after about $6 billion left the exchange in 72 hours, and filed for bankruptcy days later.
Circle disclosed $3.3 billion of USDC reserves held at the failed Silicon Valley Bank, and USDC traded as low as $0.87 intraday, closed 11 March near $0.96 (the low a daily-close chart shows) and regained its peg on 13 March.
A reentrancy bug in old Vyper compiler versions let attackers drain over $70 million from Curve pools run by JPEG'd, Metronome and Alchemix.
A Bank of Japan rate rise set off an unwind of yen carry trades, and bitcoin fell to about $49,000 as crypto futures saw over $1 billion of liquidations.
North Korea's Lazarus Group took about $1.5 billion of ETH and stETH from Bybit's cold wallet, and the exchange saw over $4 billion of withdrawals.
Sweeping US tariffs on trading partners set off a global selloff, and bitcoin fell to about $74,500.
A 100% US tariff threat on Chinese imports set off the largest liquidation in crypto history, over $19 billion in a day, and USDe traded as low as $0.65 on Binance.
An attacker drained about $128 million from Balancer V2 pools on six chains through a rounding error in the pool maths.
Stream Finance disclosed a $93 million loss by an external fund manager and froze withdrawals, and its xUSD fell as low as $0.25.
Stables Labs' synthetic dollar USDX fell below $0.60 as redemptions ran ahead of its hedged positions, and lending markets that took it as collateral froze.
Bitcoin fell below $80,000 over a thin-liquidity weekend amid US and Iran tensions, liquidating about $2.5 billion of long positions in a day.
Bitcoin dropped more than 10% in a day to about $63,000, its worst one-day fall since the FTX collapse, as silver, software stocks and US indexes fell with it.
An attacker with a compromised minting key created about 80 million unbacked USR and sold them for roughly $25 million, and USR fell below $0.30.
A forged LayerZero message released 116,500 unbacked rsETH, about $292 million, and Aave, Spark and Fluid froze rsETH markets.
An attacker took over StablR's 1-of-3 minting multisig and minted about $13.5 million of unbacked USDR and EURR, and the issuer froze both coins.
Bitcoin slid below $62,000 on higher-for-longer rate bets and ETF outflows, and about $3 billion of leveraged positions were liquidated over two days.
CHFmSource: DeFiLlama and CoinGecko prices Updated